Coinbase partner ClearBank posts first full-year of profit

ClearBank, a British financial technology firm powering payments for the likes of Coinbase, scored its first full year of profit after higher interest rates helped drive a 91% jump in revenue.

The firm swung to an £18.4 million ($23.3 million) pretax profit in the year ended Dec. 31, 2023, according to financial statements released Thursday. That’s up from a £7.1 million loss in 2022.

The bank first reached profitability on a monthly basis in November 2022. This is the first time it has reported profitability on an annual basis.

ClearBank’s first profit…